Russia’s central bank and finance ministry are discussing the creation of a domestic cryptocurrency exchange.
Russia’s top financial officials are battling unresolved issues as the nation investigates the creation of its cryptocurrency trading platforms in an effort to avoid the effects of international sanctions.
The ongoing conversations between the Ministry of Finance and the Bank of Russia have been confirmed by Finance Minister Anton Siluanov, according to a report published by the state-run news agency TASS.
Although the talks are extensive, Siluanov pointed out that a firm decision has yet to be made. Anton Siluanov stated:
“We are actively discussing this topic, but we have not yet found a solution on how to implement it.”
The establishment of a regulated cryptocurrency exchange comes after President Vladimir Putin signed a bill into law early in August that authorized cryptocurrency mining in Russia.
Although cryptocurrencies are still not accepted as legal money in the nation, the legislation seeks to establish a legal framework for their issue and exchange.
According to data from the Cambridge Center for Alternative Finance, Russia has ascended to become the second-largest Bitcoin miner, after the United States, after ranking third internationally in mining capacity at the end of 2021.
The new regulation seems to be a component of a larger plan to take advantage of this ability by enabling legitimate cryptocurrency operations nationwide. Russia has also been considering incorporating cryptocurrencies into its banking system to facilitate cross-border trade.
According to reports, the Ministry of Finance looked into allowing professional investors to trade cryptocurrencies on traditional stock markets in the middle of July. It still needs to be determined whether any development has occurred in this area.
